European Banking Union Within the System of European Banking and Monetary Law

Abstract

The (European) Banking Union (BU) has been in place since November 2014, even though its form is not yet complete. The legal acts adopted on its basis and those constituting the single rulebook underlying its three main pillars are concurrently the key sources of European Union (EU) banking law. Nevertheless, mainly due to the pivotal role of the European Central Bank (ECB) as a monetary and banking supervisory authority, the question arises whether these legal acts also constitute EU monetary law. This study, structured in six sections, seeks to substantiate that, even though the BU is considered to be a condition for the deepening of the Economic and Monetary Union (EMU), its legal sources are fully embedded into EU banking law, but not in EU monetary law.